Nigeria and European consortium sign power and refinery deal

Sep 20, 2011 12:00 AM

The Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with a consortium of Swiss and European investors for the investment of about N 243 bn ($ 1.6 bn) in the power, petroleum and housing sectors of the Nigerian economy. The Minister of Trade and Investment, Olusegun Aganga, signed on behalf of the Federal Government while the leader of the group Mr Behgjet Pacolli, 1st Deputy Prime Minister and Head of International Affairs and Investments, Republic of Kosovo, Mr Behgjet Pacolli signed on behalf of the international investors. The group comprises Seagas Services and Oceanmar Services.

Speaking, the minister said that his ministry will work closely with the Ministries of Power and Petroleum to facilitate the investments, adding that the Federal Government is committed to supporting genuine investors to invest in critical sectors of the Nigerian economy. He said: "We have held discussions with the representatives of Seagas Services and Oceanmar Services, about the investment opportunities in Nigeria. We have agreed on investments in a few areas such as housing, building a factory for gas infrastructure for the manufacturing of gas pipelines. We also discussed the possibility of investing in the area of power, building of refineries and housing construction.”

"After a number of discussions, we are signing a Memorandum of Understanding for the estimated sum of $ 1.6 bn to be invested in some of these areas. Specifically, the money will be invested in refinery, power and housing. It is the desire of the Federal Government, through the Ministry of Trade and Investment, to attract Foreign Direct Investments into Nigeria, create jobs, generate wealth and enhance the economic growth of the country." The minister thanked the leader of the consortium, Mr Behgjet Pacolli, for the trust and confidence he has reposed in the Nigerian economy and promise to collaborate with him to ensure the successful execution of the projects.

Speaking, the leader of the group, Mr Behgjet Pacolli said that the decision to invest in Nigeria was based on the huge and largely untapped investment potential in the country. He said that the consortium would work assiduously towards the completion of its proposed investment projects in Nigeria, noting that plans were ongoing to increase its investment portfolio in the country within the next six years. "We were encouraged to invest in Nigeria because of the huge market and vast investment opportunities that currently exist in the country. Also, we are impressed with the opportunities that exist for foreign investors in the country. We strongly believe that the investments we are bringing into the country will be of immense benefit to the people of Nigeria and also to our investors," he said.

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